FTSE Struggles on Black Friday

Sunday, 25th November 2018

Over the course of the week as a whole, the FTSE 100 has fallen by 0.87 percent. Brent Crude fell by 5.92 percent, and the WTI, which is the US oil benchmark, is down by 6.72 percent.

David Madden of CMC Markets noted that stock markets were lower in part because of the persistent environment of political uncertainty, but also because of falling oil prices. Dealers are still waiting for the UK and Italian situation regarding the European Union to play out, and the summit that is taking place over the weekend could shed some new light on Brexit.

US markets also opened lower, although this is not an unusual scenario following the Thanksgiving holiday. Weakness in oil prices, and concerns about the possibility that Saudi Arabia will defy Washington’s calls not to crimp oil supplies are putting pressure on the US indexes. Traders will be watching out for signs of better oil prices, as oil stocks test the floor. One strong performer, however, was the gold mining company Galantas Gold Corporation, whose shares increased by a staggering 40 percent after planning consent for its Omagh gold mine in County Tyrone was officially given the go ahead.

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